Companies (Accounting) Act 2017

Amendment of section 321 of Principal Act

37. Section 321 of the Principal Act is amended by the insertion of the following subsection after subsection (2):

“(3) Where a company changes an accounting policy adopted by the company and has disclosed such change in the notes to the entity financial statements or group financial statements, the notes to those financial statements shall also disclose—

(a) the reason for the change in accounting policy, and

(b) to the extent practicable, the impact of the change in accounting policy on the financial statements for the current financial year and on the financial statements of preceding years.”.